Cowrywise, a Nigerian fintech startup, has raised a $3M pre-series A funding round, led by Quona Capital. This is Quona’s first investment in Nigeria.
Others participating in the round include Sahil Lavingia, Tsadik Foundation, and a syndicate of Nigerian angels.
Cowrywise which was founded in 2017 by Razaq Ahmed and Edward Popoola offers digital wealth management and financial planning solutions to Nigerians.
This funding round according to the startup strengthens its vision of making wealth management accessible to everyday people in Nigeria and moves us a step closer to our medium-term pan-African ambition.
It hopes to achieve this through collaborative drive with leading industry fund managers including Lotus Capital, Afrinvest, ARM, United Capital, Meristem Wealth Management and many more that will be onboarded on its mutual fund platform.
Johan Bosini (partner at Quona Capital) shared his view on this investment and it demonstrates how our visions align: “Razaq, Edward and the Cowrywise team are providing everyday Nigerians with easy access to powerful and flexible wealth-generating tools that have typically been reserved for people who are already wealthy.
“In a market of 200 million people, we think this will be very impactful for individuals to have more control over their financial future. We like the wealthtech space and the impact it can have in Nigeria in particular”.
On what the new funding will be used for, the startup said in a blog post that it will “enable us to expand our product offerings, build out our nascent investment management infrastructure, onboard more fund managers in Nigeria, broaden our financial education program, and continue to hire top talent.”
This new investment further increases the lists of venture capitals and angel investors backing the startup. Some of the early-backers include Microtraction, Y Combinator, and Catalyst Fund.
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